Gen Z is reviving this boring job that millennials and boomers abandoned—and it's helping them land six-figure careers straight out of college

As millions of boomer accountants gear up for retirement, the industry is facing a talent shortage crisis. While it's been lamented as one of America's most boring jobs and headed down a path of extinction, Gen Z is realizing the six-figure career opportunity—and gaining experience by helping individuals file their taxes for free.
The IRS is on DOGE's chopping block, the extension of tax cuts is up in the air, and Tax Day is approaching in just days—and accountants are so fed up with the stress that they're leaving the industry in droves.
Some 340,000 accountants have already left their calculators behind and quit in the last five years, and some estimates suggest that 75% of those remaining are expected to retire in the next decade.
For a field that is often judged as less exciting than others (according to one study, it is the second-most-stereotyped job of boring people), the crisis couldn't get much worse.
Now, Gen Z is coming to the rescue.
'Accounting is the science of the business world,' says Alana Kelley, a third-year accounting and biohealth science major at Oregon State University who has helped dozens of families file their taxes this season as part of her school's Volunteer Income Tax Assistance (VITA) program.
One was a goat farmer who only had a landline, but no access to the internet. Another was a young woman who was financially supporting her sister. Kelley was able to help them obtain a life-changing $6,000 back in refunds. One of Kelley's peers, Tristan Klascius—a third-year studying accounting and finance—helped an elderly woman gain access to her much-needed Social Security income that she otherwise couldn't figure out.
Kelley and Klascius are just two examples of the Gen Zers who are increasingly viewing accounting not as a monotonous chore but as a way to completely transform people's lives.
Their actions are already helping save Americans millions of dollars through free tax help through a partnership with the IRS and close to two dozen universities.
The IRS's VITA program began over 50 years ago at California State University, Northridge to aid low-income and underserved communities in navigating the increasingly complicated tax system.
Last year alone, an army of more than 280 CSUN students helped over 9,000 low-income taxpayers claim nearly $11 million in tax refunds and $3.6 million in tax credits—plus save them over $2 million in tax preparation fees.
In the weeks leading up to Tax Day, some students work from 10 in the morning until 10 at night, helping families understand how much money they could get refunded or owe back.
And while the impact may seem minimal, especially considering that $8.2 billion in Earned Income Tax Credits were left on the table by Americans in the 2021 tax year, every return and refund dollar can matter for struggling families. Some 66% of Americans feel like they are now living paycheck to paycheck.
The CSUN program's current director, Rafael Efrat, tells Fortune that VITA at universities is an embodiment of the good that can come out of the accounting profession and reshape hundreds of young people's views.
Even Gen Zers outside of the business school—studying subjects like computer science, public health, and psychology—have been eager to join the tax assistance program.
'While accounting may have a certain image in the background among young people of being not as intriguing and exciting, once they actually engage in the practice and see how it plays out in a real world, it changes people's mind and views,' Efrat says.
It's not just low-income Americans getting their taxes filed for free who are set to gain from VITA programs. The student volunteers, too, are obtaining unique hands-on skills by working with clients with sometimes complicated tax situations—and gaining the confidence needed to excel on day one when they graduate and land a six-figure-paying job.
'We throw the students into the water, essentially, and let them swim, and then students actually live up to the challenge,' Efrat says.
Despite the median total pay of an accountant being $87,000 (or even $200,000 for certified public accountants (CPAs), getting students excited about taxes remains the ultimate challenge.
The number of bachelor's degrees awarded in accounting peaked in 2015–16, and the years following each saw decreases by about 1%–3%, according to the American Institute of CPAs. The pandemic brought an even greater punch, with accounting degrees slipping by as much as 7% between 2021–22 and 2022–23.
According to Logan Steele, an accounting professor at OSU, many young people have an outdated view of what an accountant actually does. No longer does the field spend its time performing manual calculations on paper spreadsheets; accountants have outsourced much of the mundane tasks to technology like AI, and they're now more focused on strategic decision-making.
However, the tide is beginning to turn, he says. Nearly every accounting graduate at OSU—98%—secure jobs in the field, he says, and their salaries are the highest in recorded history of any major program in the business school.
With Gen Zers increasingly preferring job security over job flexibility, the shift to accepting accounting as a promising career path may grow, especially with calls to decrease the barriers to becoming a certified personal accountant.
This story was originally featured on Fortune.com

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Yahoo

an hour ago

• Yahoo

Survey: More than 1 in 4 Americans feel they need to make $150,000 or more to live comfortably

Financial security shouldn't just be nice to have — ideally, it should be attainable for all Americans. But as high prices, tariffs and economic uncertainty reignite concerns of a recession, the majority of U.S. adults (77 percent) today say they aren't completely financially secure, according to Bankrate's new Financial Freedom Survey. What's worse, even as the inflation rate has eased since a 2022 high, the percentage of Americans who say they aren't financially secure has climbed over the past few years, from 72 percent in 2023 and 75 percent in 2024. Part of the reason why so many people feel financially insecure could be that rapid inflation over the past three years has eroded households' purchasing power, making it harder for Americans to afford their lifestyles on their current salaries. For example, a $100,000 salary in January 2020 has the same buying power as $124,353 in April 2025, according to the U.S. Bureau of Labor Statistics (BLS). In other words, if you haven't received a raise since 2020, higher inflation feels like losing $24,000 of your salary. 'Many people need to spend more and more every year,' because of inflation, says Wookjae Heo, an assistant professor of financial counseling and planning at the Purdue University College of Health and Human Sciences. 'However, their income has not increased a lot. Most people's salary is (static).' One of the easiest ways Americans could feel more financially secure is through a pay bump — but it would have to be a big one. More than 1 in 4 (26 percent) U.S. adults say they would need to make $150,000 or more per year to feel financially secure/comfortable. That's nearly twice the typical national salary: The average full-time, year-round worker made $81,515 in 2023, according to the latest estimates from the BLS. However, thanks to market uncertainty, companies are slowing or pausing hiring, which means many people may have difficulty switching jobs to something more lucrative. Amid a sluggish job market, especially for white-collar and federal workers, it won't be easy for many workers to easily earn a higher salary and get to that six figures they want. The share of Americans who don't feel financially secure is high — and getting higher 77% of U.S. adults say they are not completely financially secure, up from 75% in 2024 and 72% in 2023. Financial security has a six-figure price tag for many Americans 26% of U.S. adults feel they would need $150,000 or more to feel financially secure/comfortable. The 'American Dream' may remain a dream for many people Only 29% of U.S. adults believe their version of the 'American Dream' is likely for them in today's economy. Since 1976, Bankrate has been the go-to source for personal finance data, publishing average rates on the most popular financial products and tracking the experience of consumers nationwide. See more The majority (77 percent) of U.S. adults say they aren't completely financially secure: 45 percent say they are not completely financially secure but will be someday, and 32 percent say they are not completely financially secure and likely never will be. The percentage of Americans who believe they'll never achieve financial security has risen over the years, from 26 percent in 2023 and 30 percent in 2024. Only 23 percent of Americans say they are completely financially secure: Source: Bankrate's Financial Freedom Survey, May 14-16, 2025 'Most of us know comfortability when we see it. It's a financial sweet spot that allows us to cover our bills, sock cash away for retirement or emergencies, conquer debt — or dodge it entirely — and still have enough wiggle room for the occasional indulgence,' Bankrate U.S. Economy Reporter Sarah Foster says. 'Times have shifted.' Generation-wise, Gen Xers (ages 45-60) are the likeliest to say they are not completely financially secure currently (84 percent), compared to 80 percent of Gen Zers (ages 18-28), 79 percent of millennials (ages 29-44) and 69 percent of baby boomers (ages 61-79). On the other hand, baby boomers are the likeliest generation to say they feel completely financially secure (31 percent), compared to 21 percent of millennials, 20 percent of Gen Zers and 16 percent of Gen Xers. More than 1 in 3 (35 percent) women say they aren't financially secure and never will be, compared to 29 percent of men. Also, women are less likely to feel completely financially secure than men — and the percentage is dropping quicker than it is for men: Americans who say they are financially secure, by year and gender 2023 2024 2025 Men 30% 27% 26% Women 26% 23% 20% Source: Bankrate's Financial Freedom Survey, May 14-16, 2025 Financial security, by income level About 2 in 5 (42 percent) Americans making $100,000 or more per year say they are completely financially secure, compared to only 12 percent of Americans making under $50,000 a year. The percentage of people who make less than $50,000 a year and say they're completely financially secure has fallen over the years, from 17 percent in 2023 and 15 percent in 2024. Additionally, 25 percent of people making between $50,000 and $79,999 per year and 34 percent of people making between $80,000 and $99,999 say they're financially secure. Financial comfort means something different to everyone, but when asked, nearly half (45 percent) of Americans say they would need to make a six-figure income ($100,000 or more per year) to feel financially secure/comfortable. This includes 16 percent who say they would need to make $200,000 or more, and 8 percent say they would need to make $500,000 or more. Source: Bankrate's Financial Freedom Survey, May 14-16, 2025 More than half of Americans (56 percent) say they need more than they're currently earning to feel financially secure/comfortable. Generationally, for the third year in a row, Gen Xers reported needing the most to feel financially secure/comfortable: 35 percent say they need to make $150,000 or more to feel financially secure/comfortable, compared to 24 percent of baby boomers, 26 percent of millennials and 20 percent of Gen Zers. While around half of men (48 percent) say they need to make $100,000 or more to feel financially secure/comfortable, 42 percent of women say the same. Men are likeliest (22 percent) to say they need to make between $100,000 and $149,999 to feel financially secure/comfortable, while women are likeliest to say they need to make between $50,000 and $79,999 (21 percent). There's a massive gap between what salaries would make people feel comfortable and what would make them feel rich. More than 1 in 4 Americans (26 percent) say they would need to make at least $1 million per year to feel rich or financially free. Meanwhile, 55 percent of Americans say they would need to make $200,000 or more to feel rich or financially free, and 39 percent say they would need to make $500,000 or more. Generationally, more than one-third (37 percent) of Gen Xers say they would need to make $1 million or more to feel rich or financially free, compared to 27 percent of baby boomers, 23 percent of millennials and 18 percent of Gen Zers. A similar percentage of men and women say they need to make $1 million or more to feel rich or financially free (27 percent and 25 percent, respectively). Tiffany Morrison, a 38-year-old in Ocala, Florida, puts it best herself: 'I'm one paycheck from losing it all.' Morrison, a single mom of a 15-year-old daughter and a title agent for a real estate company, is one of the 88 percent of people making under $50,000 per year who feel financially insecure. She makes $49,000 a year and, like many lower-income people, tries to save, but emergencies keep setting her back. She only has $500 in savings, thanks to a recent $1,000 car repair bill. It took her eight months to save that $1,500 in the first place. If Morrison has an unexpected emergency, such as car problem, that could cost more than her entire paycheck and set her back on her bills, she says. 'It becomes a trickle(-down) effect,' Morrison says. 'Once you miss one bill, you have to play catch-up, then (the companies) add late fees on. That's probably where the uncomfortable area comes in.' For many, saving more money isn't as simple as spending less on frivolous purchases. But Morrison has used several strategies to help her save more money — she's moved to a cheaper rental, canceled subscriptions, changed phone plans and used other strategies to save money. In addition, she opened up a high-yield savings account (HYSA), which provides a higher interest rate on her savings than a traditional savings account, and has given her savings a much-needed boost. Despite all of this, her budget is still uncomfortably tight. If she made $100,000 a year, she says, that would put her in a much more comfortable place financially. 'I think I would be able to save money (and) have a more reliable vehicle,' she says. As is the case for many low-income Americans, reaching Morrison's desired salary would be difficult. Her current role doesn't offer enough upward mobility to receive a major raise, she says. She would love to work in the nonprofit space, but nonprofits are notoriously low-paying. Alternatively, she'd like to turn her social media content creation side hustle into a full-time job. In the meantime, Morrison leans on self-taught personal finance advice to get her through payday after payday, even though it's taken some sacrifices. 'I don't give myself enough credit for the work that I've done. I've seen my own growth recently. I started on my emergency fund knowing that I still don't have a very reliable car,' she says. 'I've just changed my mindset now to: Everything always works out.' The 'American Dream' can look different from person to person — whether it involves immigrating to the U.S. for more opportunities, buying a home or retiring early. Whatever someone's vision of the American Dream is, only 29 percent of Americans believe their version is likely in today's economy. Source: Bankrate's Financial Freedom Survey, May 14-16, 2025 The youngest American adults are the likeliest to still have hope for the American Dream. Over a third of Gen Z (36 percent) say their version of the American dream is likely in today's economy, compared to 27 percent of millennials, 26 percent of Gen Xers and 27 percent of baby boomers. Income-wise, more than half (56 percent) of those making under $50,000 a year say it's unlikely that they'll achieve their version of the American Dream. 'Though many Americans hold onto the idea of returning to a 1950s-era 'Golden' America age, the days when a single, non-college educated breadwinner could sustain an entire family seem like they may be confined forever to the past,' Foster says. There's no one-size-fits-all approach to achieving financial comfort — what financial comfort means will look different for everyone. For one person, it might be paying all their bills on time, every time, while for another, it may be buying a large house and going on vacations whenever they can. These steps can help you figure out what financial comfort means to you and how you can get there. To avoid creating a goal that you can't meet, financial goals should be realistically attainable and set within a certain timeframe. For instance, if you make a relatively low salary today, setting a goal of tripling your salary in six months is likely unrealistic. On the other hand, setting a goal of asking for a raise in the next year is a much more attainable goal for most people. Some examples of financial goals are: Go back to school for a master's degree within the next two years to increase your earning potential. Pay off $3,000 of credit card debt in six months. Save three months of expenses (or $15,000) in one year for an emergency savings fund. Save for a down payment (or $20,000) on a house in five years. Max out your 401(k) contributions this year. If you need help understanding what financial goals would be best for you, consider seeking the services of a financial advisor, who could look at your entire financial picture and give you personalized advice based on your situation. Be sure to prioritize hiring a fee-only advisor, who only receives compensation based on a flat fee, and typically acts in their clients' best interests. Once you know your financial goals, you can start crafting your plan to meet them. For example: If your goal is to pay off debt, you can… Set a goal to pay off your debt within a certain timeframe and stick to it. For example, if your goal is to pay off $3,000 of debt in six months, and you're paid bimonthly, you should set an automatic payment of $250 every time you're paid to go towards your debt. If you have several sources of debt (for example, student loan debt and credit card debt), you can consider the snowball or avalanche debt repayment methods. The snowball method prioritizes your debts from the smallest balance to the largest balance. The avalanche method prioritizes your debts from the largest annual percentage rate (APR) to the smallest APR. If your goal is to save more money, you can… Switch to a HYSA, which will provide a higher interest rate on your rainy day fund than a traditional savings account. Pay yourself first: Set up a recurring transfer from your checking account to your savings account each month and don't touch it. Alternatively, you can split up your direct deposit to put some of the funds in your savings account directly. If your goal is to make more money, you can… Explore side hustles, such as selling unwanted items online, tutoring or freelancing. Consider passive income opportunities, like investing in a high-yield CD or savings account or rental income. If your goal is to invest more for retirement, you can… Max out your 401(k) for the year. (The cap for 2025 is $23,500.) Open a Roth IRA, which allows you to deposit after-tax income and take it out at retirement tax-free. Not all lifestyle creep is bad — for example, as your income rises, you may want to replace your old beater car with a nicer vehicle or buy more fresh and organic foods for your family. But if your spending continues to rise as you earn more money throughout your career, you may not ever get to a point where you feel financially secure. 'As our income rises, so does our vision of comfort. With each pay bump, the lure of a grander lifestyle can be irresistible — especially after periods of restraining ourselves,' Foster says. 'Not to mention, we all deserve to reward ourselves with our hard-earned money. But this 'lifestyle inflation' can sometimes pose as many risks to our finances as actual inflation.' To avoid lifestyle creep, instead of spending more when you receive a yearly raise or bonus, try funneling that money toward investments or savings instead. You can break the funds up: For example, if you receive a $10,000 yearly bonus, you could put $5,000 towards savings, $3,000 to meet your yearly Roth IRA cap and spend the rest. Similarly, if you receive a raise that increases your paycheck by $200 a pay period, you could put that money toward savings and keep your spending habits the same. Methodology Bankrate commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,260 adults. Fieldwork was undertaken between 14th – 16th May 2025. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.

Business Journals

an hour ago

• Business Journals

3 simple steps for employers to lower health care costs and ensure better employee care

It's no secret that the current health care system is unsustainable. Nearly half of Americans receive health care coverage through their employer and over the past two decades, employer-sponsored health care costs have risen by over 200%. Many businesses can no longer front the costs — and the burden is being shifted onto employees. The result? Health care has become unaffordable for many working Americans — for some employees cost shifting has made engaging care unaffordable and 40% of American adults are struggling with medical debt — a shockingly high number. Despite this astronomical rise in cost, most brokers and benefits consultants haven't changed the solutions they present to clients in decades. In our experience, only about 5-10% of brokers are offering their clients innovative alternatives and even fewer have fully embraced a different approach, leading to poor implementation and support when they do try something new. The reality is that health care operates as an inefficient market. Unlike most industries, higher costs do not necessarily equate to higher quality care — in fact, it can often be the opposite. We believe that by being proactive, transparent and strategic, employers can reverse this trend by reducing costs while ensuring their employees receive top-quality care. However, achieving transformational results demands a completely different approach. The four of us have spent years in this industry and have tailored a unique approach that enables us to achieve superior results. We've seen what works and what doesn't and the ineffective options continually peddled to employers. That's why we've joined forces to help employers to take control of their health care spend and save real money. Our approach We don't believe in a one-size-fits all health plans and we partner with HR leaders to bring their health care strategy to life while directly administering the change. This includes educating employees on what they need to know to make the most of their benefits. When you show people exactly how they can receive better care at a lower price, everyone wins. Our model is built on three pillars: education, pharmacy platform and Medicare Plus. Education: We empower members to navigate the health care system effectively and steer them towards high quality and cost-effective options. Navigating the health care system is hard and we take a hands-on approach, which helps members understand their choices and make informed decisions. This extra effort improves health outcomes while ensuring the best experience possible. According to publicly available data compiled by Image360, CT scans in Tampa, Florida, are typically billed between $4,500 and $9,700. Even after PPO discounts, health plan members and businesses still pay $2,200 to $4,800. The problem is, there's little transparency in pricing and high cost doesn't guarantee high quality. Imagine360 changes that. With Imagine360, the average cost for the same CT scan at the same facility drops to under $200. This translates to significant savings for the employee and the business. Pharmacy platform: Pharmacy spend is the fastest-growing expense when it comes to a health plan. Traditional solutions often lack transparency and instead function as profit centers. We craft innovative solutions to manage pharmacy costs, ensuring that members have access to affordable medications without compromising on quality. Medicare Plus: We provide a thoughtful alternative to conventional PPOs. This model offers robust coverage at significantly lower costs by anchoring reimbursements to fair, Medicare-based rates. The above approach collectively has proven to cut costs by nearly 25% on average. Through this approach, we've reduced the cost of health care so drastically that some clients now offer no-cost health care to all of their employees. At a time when most companies are forcing employees to pay upwards of thousands of dollars per month on health insurance premiums, our clients pick up the full cost of premiums for their employees. This difference is life-changing for many families. By adopting a three-pillar approach to health care benefits, these businesses have become highly sought-after employers in their communities. And it's not just beneficial for employees — it's advantageous for the health plan as well. When health care premiums are overpriced, only the highest utilizers enroll, which makes sense; you would only pay thousands of dollars a month in premiums if you anticipated high health care expenses. However, when coverage is affordable and well-structured, everyone participates, creating a healthier, more predictable and sustainable plan. If this sounds too good to be true, you're not alone. One employer came to us frustrated and skeptical. Every broker had pitched the same traditional solutions, none of which solved their problem. Their chief financial officer knew that if they could not control hospital claims costs, the business would be in trouble. We introduced Medicare Plus pricing as a strategic solution. We helped manage the learning curve for the first few months — but once leadership committed to the solution, the plan started working. Three years in, premiums, deductibles and copays have all dropped. Employees are getting better coverage, and the company has even added new benefits — while most of their peers are cutting back. Using an independent TPA Working with an independent third-party administrator (TPA) opens the door to a different and better playbook. Yes, it takes more work upfront — more education, communication, teamwork — but the payoff is worth it: a more flexible employee benefits solution that can lead to better care, lower costs, and long-term consistency. No more carrier swaps or yearly overhauls. We currently support 25 clients on this platform. With dedicated service teams, personalized enrollment education and long-term strategies, we help employers innovate — without impacting employee satisfaction. The result is a smoother, more positive experience. The road ahead We're all fighting the same fight: pushing back against a system that hides cost, limits choices, wastes money and is driving people to choose little or no coverage due to cost. But it doesn't have to be this way. With a three-pronged approach including employee education, pharmacy and Medicare Plus pricing, we're helping employers take back control of their health care costs. By putting people first and staying committed to value-based solutions, employers and brokers can finally break free from the old playbook — and build something better. McGriff is a Marsh & McLennan Agency LLC Company. Our solutions include commercial property and casualty, corporate bonding and surety, cyber, executive risk, management and professional liability, captives and alternative risk transfer programs, employee benefits, small business and personal lines insurance.

Yahoo

2 hours ago

• Yahoo

What would you need to earn to feel financially secure? A quarter of Americans say $150,000 or more

Almost half of Americans (45%) think they would need to make $100,000 or more a year to 'feel financially secure' or 'comfortable,' according to a new survey from Bankrate. Breaking that down further, a quarter of respondents in total (26%) put the number at $150,000 or more. Among them, 8% said they would need to earn between $200,000 and $499,999, while another 8% said $500,000 or more. On the flip side, nearly half of respondents (45%) said they would feel financially secure making less than six figures, with 34% saying they would feel comfortable making between $50,00 and $99,999. The online survey, conducted by YouGov and taken by 2,260 US adults in mid-May, also asked 'What annual income would you need to feel rich/attain financial freedom?' More than half (55%) put the number at $200,000 or more. Among them, a quarter (26%) said it would take at least $1 million a year, while 13% said they would need to earn somewhere between $500,000 and $999,999. More than half of respondents (56%) said they needed to earn more than they are currently making to feel secure. So what do Americans make in reality? Based on the latest Census data, median US household income in 2023 was $80,610. That's the mid-point on incomes, meaning half of US households made less. But that median is across all households regardless of size. In family households specifically — where two or more people live — the median was $102,800. Within that group, the highest median ($119,400) reported was among married couples. In terms of individual incomes in 2023, the median income of a full-time worker with earnings working year round was $60,070. Neither the Bankrate survey nor the respondents specified what was meant by the terms 'financially secure' or 'rich,' nor what financial freedom meant to them. The answer, of course, will always be highly subjective. How much you personally think you need is going to be influenced by many factors, including: Your current income, your age, whether you have children, where you live, how much debt you have and what your monthly expenses are. (Not to mention assets that contribute to your net worth, such as a 401(k) or brokerage account, a home or a business. But the survey didn't address that issue.) Among Bankrate survey respondents, 54% of those who already made $100,000 or more said they'd need to make at least $150,000 to feel financially secure. Gen Xers (ages 45 to 60) were most likely (35%) to say they'd need to earn $150,000 or more to live comfortably, compared to 26% of millennials (ages 29 to 44) and 20% of Gen Zers (ages 18 to 28). Among parents with children under 18, 35% indicated earning $150,000 or more a year would make them feel financially secure. And those most likely to say they'd need to earn $1 million or more to feel financially free were parents whose children were 18 or older (33%). Bankrate asked respondents how they would describe their current level of financial security. Overall, most (77%) said they did not feel 'completely financially secure,' including 32% who said they didn't think they ever would. Those most likely to say they did feel 'completely financially secure' were people making at least $100,000. Within that income group, 42% of respondents said they considered themselves secure. Only a quarter of those in the $50,000 to $79,999 income group and 12% of those making less than $50,000 said the same. In terms of life stages, large majorities of each generation said they don't feel financially secure, including 84% of Gen Xers; 80% of Gen Zers; 79% of millennials and 69% of Baby Boomers. 'Getting rich may have once been what many Americans fantasized about, but now, simply living comfortably feels like the new aspiration, as economic challenges make financial stability a rare luxury,' said Bankrate economic analyst Sarah Foster. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data